Telecom Italia CEO to meet Vivendi's Bollore on GVT bid - sources

ROME Wed Aug 13, 2014 4:24am EDT

ROME Aug 13 (Reuters) - The head of Telecom Italia is set to meet Vivendi chairman Vincent Bollore on Wednesday or Thursday to discuss an offer for the French media group's Brazilian broadband unit GVT, two sources with knowledge of the matter said.

"Bollorè and (Telecom Italia CEO Marco) Patuano will meet in Paris today or tomorrow to discuss the Telecom Italia offer for GVT though an offer won't be formalised before the Vivendi board meeting on August 28," one of the sources said.

A second source said the meeting would take place on Wednesday.

Sources told Reuters last week the Italian telecoms incumbent was in talks with Vivendi to buy GVT and beat a bid from Spanish rival Telefonica, which is also Telecom Italia's biggest investor.

The sources said the plan, which could be finalised over the next three weeks, would involve an equity swap to allow Vivendi to acquire a stake in Telecom Italia.

Telecom Italia's executives are working on the transaction with Citigroup C.N, Mediobanca MDBI.MI and Banco Bradesco BBDC4.SA, the sources said.

Italian newspaper Il Messaggero said Patuano would meet Bollore shortly to discuss "an equity and industrial alliance" between Telecom Italia's Brazilian mobile firm, TIM Participacoes, and GVT.

Telecom Italia and Vivendi declined to comment.

Last week Telefonica made an unexpected 6.7 billion euros bid for GVT. That bid would give Vivendi the chance to acquire an 8.3 percent stake in Telecom Italia.

(Reporting by Giselda Vagnoni and Gianluca Semeraro; Additional reporting by Stephen Jewkes; Editing by Erica Billingham)

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